Exercise 14-9 a-c At May 31, 2017, the accounts of Crane Company show the follow

Question

Exercise 14-9 a-c At May 31, 2017, the accounts of Crane Company show the following 1. May 1 inventories-finished goods $13,200, work in process $15,000, and raw materials $8,700 2. May 31 inventories-finished goods $9,800, work in process $16,500, and raw materials $7,300 3. Increases to work in process were direct materials $63,100, direct labor $50,900, and manufacturing overhead applied $42,900 4. Sales revenue totaled $216,500. Prepare a condensed cost of goods manufactured schedule CRANE COMPANY Cost of Goods Manufactured Schedule

Explanation / Answer

Crane company Cost of goods manufactred For the Month Ended May 31, 2017 Work in process, May 1 15000 Direct materials used 63100 Direct labor 50900 Manufacturing overhead applied 42900 Total manufacturing costs 156900 Total cost of work in process 171900 Less:Work in process, May 31 16500 Cost of goods manufactured 155400

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